Ch 2 Excel Template - Total 553,080 Total 553,080 b....

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Student Name: Ankita Shah Class: Acctg-50 Session 1 Problem 02-05 HERE COME THE CLOWNS! Balance Sheet June 30, 2007 Assets Cash 32,520 Liabilities: Notes receivable 9,500 Notes payable 180,000 Accounts receivable 7,450 Accounts payable 26,100 Animals 189,060 Salaries payable 9,750 Cages 24,630 Total liabilities 215,850 Costumes 31,500 Owners' equity: Props and equipment 89,580 Capital stock 310,000 Tents 63,000 Retained earnings 27,230 337,230 105,840
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Total 553,080 Total 553,080 b. Explain what changes would be required in your June 30 balance sheet to reflect the loss of an uninsured tent that cost $14,300. The changes that are required to be made would be to reduce the cash and the retained earnings by $14,300. As the tent was not insured it would recorded as an expense on on the income stmt for the month of June 2007, which would reduce the net income / retained earning for the period....
View Full Document

Ask a homework question - tutors are online